10 things you need to know before the opening bell on April 15

SUMMARY

The Indian market is likely to open lower on Wednesday following losses in Asian markets as the economic impact of the coronavirus pandemic continued to weigh on investor sentiment amid an extended lockdown in the country. At 7:15 am, the SGX Nifty traded 7.50 points or 0.08 percent lower at 9,208, indicating a slightly weak opening for the Sensex and the Nifty50.

By CNBC-TV18Apr 15, 2020 7:36:08 AM IST (Published)

1. Asia: Stocks in Asia traded mixed on Wednesday morning as the economic impact of the coronavirus pandemic continued to weigh on investor sentiment. South Korea stocks led gains among the region’s major markets, with the Kospi surging 1.72 percent in early trade while the Kosdaq index gained 2.28 percent. Shares in Australia also saw gains, as the S&P/ASX 200 edged 0.2 percent higher. Stocks in Japan, on the other hand, were negative. The Nikkei 225 dipped 0.73 percent. Overall, the MSCI Asia ex-Japan index traded 0.12 percent higher.

2. US: Stock futures were lower in overnight trading following a big rally in the previous session fueled by optimism that the coronavirus outbreak is improving in the U.S. Dow futures fell, indicating a loss of about 85 points at the open on Wednesday. The S&P 500 and Nasdaq were also slated to open in the red. Signs that the coronavirus pandemic is easing drove stocks higher on Tuesday, even as the first batch of quarterly earnings showed the outbreak is taking a toll on corporate profits. The Dow climbed about 560 points, while S&P 500 also registered a significant gain, rising more than 3 percent.

3. Market At Close On Monday: Indian shares slid over 1 percent on Monday, erasing half of Thursday's gains as the Nifty failed to hold the 9,000-mark. The Sensex ended 470 points lower at 30,690, while the Nifty shed 118 points to end at 8,994.

4. Crude Oil: Oil prices shed more than 10 percent on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support. U.S. West Texas Intermediate crude fell 10.26 percent to settle at $20.11 per barrel, having dropped 1.5 percent in the previous session. Brent futures fell $2.14, or 6.7 percent, to $29.60 per barrel after settling up 0.8 percent on Monday.

5. Rupee Close: Indian rupee recovered from day's lows to close marginally higher against the US dollar, on Monday. After dropping to 76.45 at day's low, the rupee pulled back to close at 76.28 per USD, a gain of just one paisa as compared to its previous close of 76.29. This was the second day of gains for the Indian currency after it slumped to an all-time low of 76.55 last week. Forex market was closed on April 10 on account of Good Friday.

6. India Inc Seeks Stimulus Package: India Inc on Tuesday said the nationwide lockdown extension was necessary to avert a humanitarian crisis, but insisted on the need for a stimulus package to rebuild the economy hit hard by the Covid-19 pandemic. Earlier in the day, Prime Minister Narendra Modi announced that the current lockdown will be extended till May 3, saying it is necessary to contain the spread of the novel coronavirus in the country. He said detailed guidelines on implementation of the new lockdown will be announced on Wednesday, and some relaxations may be allowed after April 20 in places where there are no hotspots.

7. India Has Opportunity To Build Resilient Economy: After the COVID-19 pandemic, India will have the opportunity to build an economy that is more resilient, diversified and attractive to the global manufacturers and services as the majority of the businesses world wide have faced disruptions and economic fallout, according to the head of a India-centric American business representative group. Nisha Desai Biswal, the president of US India Business Council (USIBC), said India is expected to benefit as it is expected that businesses will want to de-risk in having too much of a supply chain concentrated in one area and try to diversify and disperse.

8. IMF Cuts India's FY21 Growth Forecast To 1.9%: The global economy is expected to witness the worst recession since the Great Depression of the 1930s, surpassing what was seen during the global financial crisis over a decade ago, says the International Monetary Fund’s latest World Economic Outlook update. India’s growth forecast for FY21 has also been cut steeply to 1.9 percent (as against IMF's previous forecast of 5.8 percent). This would mean the country's growth rate could fall by 230 basis points from FY20's 4.2 percent.

9. Barclays Sees India's GDP Growth At Zero For CY2020: Following Prime Minister Narendra Modi’s announcement of an extension in the nationwide lockdown till May 3 to contain the spread of the COVID-19 pandemic, global bank Barclays on Tuesday cut India’s growth forecast for zero for 2020 from its earlier projection of 2.5 percent.

10. US Allows H-1B Visa Extension: In a big relief for thousands of stranded Indian professionals in America due to the coronavirus pandemic, the US government has decided to allow applications by H-1B visa holders for an extended stay in the country. The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. The US Department of Homeland Security (DHS) in a new notification has said it recognises that there are immigration-related challenges as a direct result of the coronavirus pandemic.